The following is a must read, it could portend a new way of thinking for micro-cap stocks. (OAR a former rat, and a great % gainer too, that is why I noticed the story)
Etch a Sketch Maker Exiting Stock Exchange
Saturday February 21, 5:41 pm ET
Etch a Sketch Maker to Remove Itself From American Stock Exchange in Effort to Save Money
BRYAN, Ohio (AP) -- Ohio Art Co., which makes the Etch A Sketch drawing toy, is removing itself from the American Stock Exchange in an effort to save money.
The toymaker announced Friday its plans to deregister and delist its thinly traded stock from the exchange after 35 years.
The company said it will still sell its stock publicly, report financial performance, publish annual reports and hold an annual meeting for about 800 shareholders.
"We're not trying to hide," said Jerry Kneipp, chief financial officer for the company based in this town about 50 miles west of Toledo. "We just want to save some money and time."
The company said delisting will allow it to avoid the costs of complying with reporting demands of the U.S. Securities and Exchange Commission and the Sarbanes-Oxley Act, a rigorous new corporate governance law. The process should take about a month.
Kneipp wouldn't say how much he thought the company would save.
The company expects to have its shares quoted in the Pink Sheets, an online quotation service for over-the-counter securities, Kneipp said. |
